Core Insights - Virbac has acquired an innovative drug from Norbrook to treat feline hyperthyroidism, enhancing its product portfolio in a growing market segment for senior cats [1][2][5] Acquisition Details - The acquisition is valued at approximately £100 million and is expected to positively impact Virbac's sales growth and EBITDA margin from the first year [2] - The drug, marketed as Thyronorm in the UK, Australia, and New Zealand, and Felanorm in the US, is designed to stabilize hyperthyroidism in cats [1][2] Market Context - Hyperthyroidism affects over 10% of older cats, leading to serious health issues if not managed properly [2] - The increasing number of household cats and their longer lifespans make such innovations crucial for managing chronic diseases [3] Product Characteristics - Thyronorm is a liquid formulation, which is easier to administer than tablets, allowing for precise dosing [3] - The product is currently generating revenue of €14 million, with in-market sales around €27 million, indicating strong market potential [4] Strategic Partnership - Norbrook will remain the manufacturer of the product, while Virbac will gradually take over distribution in various markets [4] - Virbac aims to leverage its global presence and veterinary relationships to enhance product accessibility and education for veterinarians and pet owners [4] Company Vision - The acquisition aligns with Virbac's commitment to advancing animal health and addressing unmet needs in the market for difficult-to-treat conditions [5] - Virbac emphasizes its dedication to integrating and growing innovative assets for sustainable growth [5][6]

Core Viewpoint - Elanco Animal Health Incorporated has appointed Robert VanHimbergen as Executive Vice President and Chief Financial Officer, effective July 7, 2025, following a competitive search aimed at long-term value creation [1][3] Company Leadership Transition - Robert VanHimbergen will succeed Todd Young, who will remain as an advisor until August 31, 2025, to ensure a smooth transition [1][3] - VanHimbergen has nearly three decades of experience in finance, having previously served as CFO at Hillenbrand, Inc. and held various roles at Johnson Controls [2][3] Company Growth and Strategy - Elanco has experienced seven consecutive quarters of growth and is focused on accelerating growth, globalizing operations, maximizing innovation, and improving cash generation [3] - The company aims to build on its current momentum and leverage its diverse portfolio of innovations to enhance shareholder value [3] Financial Guidance - Elanco reconfirms its second quarter and full year guidance as previously issued during the first quarter earnings call on May 7, 2025 [3]